Premier Energies IPO Oversubscribed by 6.6 Times on Day Two

29 Aug 2024 CW Team

The initial public offering (IPO) of Premier Energies, a solar cell and module manufacturer, received a strong response on the second day of bidding, with subscriptions reaching 6.60 times the available shares by Wednesday. The Rs 28.3-billion IPO attracted bids for 29,48,45,364 shares, far exceeding the 4,46,40,825 shares on offer, as per data from the National Stock Exchange (NSE).

The non-institutional investors (NII) segment led the charge with an 18.83 times subscription. The Retail Individual Investors (RII) category was oversubscribed by 4.21 times, while the Qualified Institutional Buyers (QIB) portion saw a 1.40 times subscription. Notably, Premier Energies' IPO was fully subscribed on its opening day.

The IPO comprises a fresh issue worth up to Rs 12.91 billion and an offer-for-sale of up to 3,42,00,000 equity shares. The price range for the shares has been set at Rs 427-450 per share. Premier Energies announced it had raised Rs 8.46 billion from anchor investors.

A significant portion of the funds from the fresh issue, amounting to Rs 9.69 billion, will be invested in Premier Energies’ subsidiary, Premier Energies Global Environment Pvt Ltd. These funds will partly finance the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remaining funds will be allocated for general corporate purposes.

Premier Energies, with 29 years of experience, is an integrated solar cell and module manufacturer with a total installed capacity of 2 GW for solar cells and 4.13 GW for solar modules across five manufacturing facilities. The book-running lead managers for the offer are Kotak Mahindra Capital Company, J P Morgan India, and ICICI Securities.

Infrastructure Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..